Tim Armstrong could walk away with a $59 million award as a result of Verizon's acquisition of AOL, an SEC filing shows.

Earlier this month, Verizon announced plans to purchase AOL for$4.4 billion. Armstrong will stay with the company to run the AOL business, which will operate as a division of Verizon.

According to the filing, Armstrong will receive a "Founders' Incentive Award" of restricted stock units with a value equivalent to 1.5% of AOL's market value when the merger is consummated. At today's price, that's worth $59 million.

Half of the stock will vest on the 3-year anniversary of the deal's consummation, and the remaining 50 percent will vest on the 4-year anniversary, according to the filing. The payment is subject to Armstrong's continued employment with the company during the vesting period, though the filing notes that the stock is subject to accelerated vesting if his employment terminates before that "in certain circumstances."

Armstrong will also be eligible to receive annual equity awards with a target value of $3 million beginning in 2016.